2.7 min read
Sushi TVL drops due to slash of lending platform
Written byWilliam Miller
January 4, 2023
- Sushi closed out the year by shutting down two of its forks amid little public interest.
- Lending platform Kashi and token launch platform MISO are going out of business.
- The platform noted that it will focus on a decentralized exchange or DEX products.
- SushiSwap CEO Jared Gray revealed plans focused on redesigning SushiSwap’s token economics.
- Sushi has a total of $459.72 million locked, compared to $4 billion at the start of 2022.
Famed DeFi platform Sushi closed out the year by shutting down two of its forks amid little public interest. However, the platform also noted that it will focus on a decentralized exchange or DEX products.
In a recent Twitter thread, Sushi’s CTO Matthew Lilley announced that lending platform Kashi and token launch platform MISO are going out of business.
As mentioned earlier, that focus will shift to DEX offerings. Lilley wrote,
In Q3/Q4 it became obvious that there was a strong need to prioritize, and we decided to focus on ideas to improve our most loved and profitable product, the DEX, SushiSwap. This meant realigning our priorities
Earlier this week, SushiSwap CEO Jared Gray revealed plans focused on redesigning SushiSwap’s token economics. Back in December, the platform even made a proposal to protect its treasury.
This is how SushiSwap evolved
Sushi has a total of $459.72 million locked. That's very little compared to the past few months.
It should be noted that SushiSwap is the most popular fork of the network. This platform alone accounted for $391.59 million. Unfortunately, this is the lowest value locked on the network in the last year. Ethereum accounted for most of it at $281.48 million.
Currently, Sushi is the sixth largest network in the DEXes TVL ranking. Curve and Uniswap occupy this space.
Kashi, on the other hand, holds assets worth just over $800,000, indicating lower demand for loan products. Back in 2021, the platform managed to raise $40 million, but the idea didn't last long.
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